Welspun One Logistics Parks (WOLP) has inked a memorandum of understanding (MoU) with the Tamil Nadu government to set up six warehouses across the state in the next five years. The projects will lead to a direct investment of Rs 2,500 crore, the company said on Tuesday.
WOLP, part of the diversified Welspun Group, signed the MoU with Guidance, Tamil Nadu government’s nodal agency for investment promotion and single window facilitation. Under this, six projects have been proposed in prime warehousing micro-markets like Hosur, Sriperumbudur and Thiruvallur, totalling to a development potential of around 8 million sq ft (MSF).
WOLP managing director, Anshul Singhal said, “We are extremely pleased to announce the signing of this MoU with the government of Tamil Nadu. As per our blueprint, we are looking at developing approximately 400 acre of land in Tamil Nadu to build top-class, warehousing facilities. With every project, we aim to create a social impact and these projects have the potential to create over 8,000 jobs”.
“Before the GST regime, most companies had multiple, small warehouses across states for the sole purpose of minimising taxes. The introduction of GST allowed firms to start focusing on building efficient supply chain networks by establishing optimal-sized warehouses in fewer locations. We are happy to associate with WOLP to help Tamil Nadu set new standards in creating logistics infrastructure,” Guidance CEO, Pooja Kulkarni said.